The MLS database

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I have a question about the MLS system. I met with a group of realtors that specialize in distressed properties, and really push the fact that the accesss to the MLS database is their key tool. The went on to say that there is a lag in the MLS system meaning that if a property is uploaded into the system on say monday, it wouldn't show up for non-realtors until approx. 4-5 days later. They also said that realtors have the advantage of searching through the MLS system within this lagging period in order to have first dibs on the "good deals" which is why they formed this group.

Questions:

1. Are these statements true about the MLS database or are these realtors yanking my chain?

2. I currently rehab properties and am considering going back to school to obtain my RE license and eventually my Broker license in order to have access to the MLS for the buying and selling purposes and to increase my profits. Would it be worth the extra time to obtain these licenses to have access to the MLS for reasons stated above?